Mandom extends tender offer period for MBO

Mandom Corporation, via a notice dated November 6, 2025, has announced a partial amendment to its previous "Notice regarding the expression of support for the implementation of an MBO and the recommendation to tender shares." The amendment primarily concerns the extension of the tender offer period for its common shares. The initial tender offer, launched by Calon Holdings Co., Ltd., which began on September 26, 2025, was originally scheduled to conclude on November 10, 2025.

Following a partial change in Mandom's opinion regarding the tender offer on November 4, 2025, an amendment to the tender offer registration statement became necessary. Consequently, the tender offer period has been extended by 10 business days from the amendment filing date of November 5, 2025, now concluding on November 19, 2025. The tender offer price remains at JPY 1,960 per share, which will also be the basis for subsequent squeeze-out procedures.

Mandom’s board of directors, as of November 4, 2025, maintains its support for the tender offer but has withdrawn its recommendation to shareholders to tender their shares, adopting a neutral stance instead. The decision to tender shares is now left to the discretion of individual shareholders. The tender offer period has also been extended from 30 business days to 37 business days to ensure adequate opportunity for shareholder consideration.